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PART IITRANSFER VALUES

(a)in sub-paragraph (2), in the definition of “the relevant date”, after “means” insert “, subject to regulations under sub-paragraph (2C),”; and

(b)after sub-paragraph (2B) insert the following sub-paragraph—

“(2C)Regulations—

(a)may provide that a right at the relevant date to the cash equivalent of any part of the benefits specified in sub-paragraph (1) which but for regulations under the foregoing provisions of this paragraph a member would have on the termination of his pensionable service in an employment to which a scheme applies shall, if his employment terminates at least one year before normal pension age, accrue to him on the date when it terminates and be valued accordingly; and

(b)may substitute, in relation to any case to which the regulations apply—

(i)a new definition of “the relevant date” for the definition in sub-paragraph (2), and

(ii)a new definition of “the last option date” for the definition in paragraph 15(2).”.

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